Report: Bank of America, Wells Fargo received incentives but mortgages redefaulted


Report: Bank of America, Wells Fargo received incentives but mortgages redefaulted

Report: Bank of America, Wells Fargo received incentives but mortgages redefaulted

What did you expect? Throwing money to very bad characters!

Do you ever see a rehab center throwing more drugs to the addicts? This is no different.

Charlotte Observer-

Bank of America and Wells Fargo serviced home loans that received more than $200 million in taxpayer funds as an incentive to modify them, only to have those mortgages go into redefault, according to a report slated for release Wednesday by a federal watchdog.

“It’s lost taxpayer money,” Christy Romero, the special inspector general for the federal bailout of the financial system, said Tuesday in an interview with the Observer.

The report, which heads to Congress, details how much in taxpayer incentives has been awarded to reduce mortgage payments through the federal Home Affordable Modification Program. The report also gives examples of homeowner complaints – some from as recently as this month – about their HAMP servicers.

According to the report, $102 million in incentive payments went to loans that were serviced by Charlotte-based Bank of America and that ended up back in default. The amount is equal to 16 percent of all the incentive payments awarded for loans that Bank of America has serviced under HAMP.


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6 Responses to “Report: Bank of America, Wells Fargo received incentives but mortgages redefaulted”

  1. The banks set the people up to default giving incentives to bank employees like gift cards to default you after you did all the required paperwork and paid the mods. The banks cut me off and told me the mod payments were only partial payments, I was unapproved after making five payments and was in manufactured default. I was absolutely told I was approved for the mod and not in any trial plan and to begin to immediately make payments. Then the bank un approves you and forces you into a forced deceitful manufactured alleged default, designed by HAMP deceit to foam the runway for the banks to slowly come in and steal your houses. Bank employees taking bribes and gift cards to deceive you and steal your homes. Our payments were refused after three, five, six and up to ten payments with some of my close friends. We did not default. But lured into a deceitful modification with intent by the banks to default us after they collected payments. See Geithners statement the HAMP plan was never intended to help homeowners, just foam, the runway for the banks.If it was never intended to help the homeowners its intent had to be to deceive us and cause massive manufactured defaults to steal our property. Apparently to deceive, and trick homeowners into mods while they intended to steal our houses by deceptive mods. My sons agreement was to catch up and pay eleven double payments he worked extra side jobs to do and they refused the elventh payment intentionally to steal the house after he had made ten double payments to catch up. The majority of the homeowners I know where not in default until the bank pushed them to get three months behind so the banks could collect the insurance money on the houses. Then go in for the kill. If you did not get behind enough they approved you for mods and then turned your payments in to partial payments when they were mod payments. Full payments agreed upon. Chase claims I made my last payment being the payment before the mods started I have proof of every payment. Including mod coupon sheet I received to make the payments. Chase claims they never approved the mod. They did this all verbally, knowing we had to rely on them to be fair. But met deception.

  2. One of my customers was given a six dollar reduction in payments. YES THAT IS SIX ……$6.00 REDUCTION, She refused it and was told the bank would only accept the payment amount of six dollars less. she paid the ridiculous reduced payment for ten months and Chase then unapproved her and told her she was now in default. They literally used a six dollar a month reduced payment to default her. She told the bank she would give them the difference, but the bank refused anything but full payment and lured them into default. How just is this? She is fighting to save her sanity and house due to Chase deception, She never defaulted either. They are struggling due to the banks ruining their two businesses. But they did not default anymore than millions more of never defaulted.

  3. This entire HAMP plan was a scam on the tax payers and literally used to steal homes. Up to 84 million homes are allegedly in default. Now how did that happen? Organized crime against Americans. All Americans All taxpayers, All homeowners. HAMP WAS A TOOL USED TO SEIZE OUR PROPERTY. If HAMP was never intended to help the homeowners what was it intended for? As is told here to help the banks! Admission right here. .

  4. Put the puzzel together!

    And a document from the OCC stating thirty percent of the homes forclosed on were not in default but stolen by the banks.

    I have yet to see a deposition like these done, that the fraudclosure did not look like a thief and liar on public record under perjury.



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